Transcript Refunds and Withdrawals - Greenville Technical College

Financial Aid Basics
 Financial aid is money provided by the
federal and state government, and by
some colleges and universities to help
students pay for college.
 Financial aid can come in the form of a
grant, a work-study job, loan or a
scholarship.
 There is a difference between grants and
loans.
Your Responsibilities as a Student
 Stay enrolled, attend your
classes and make good grades.
 If you are falling behind in your
classes, talk with your
instructor/advisor and consider
tutoring to help improve your
grades before withdrawing.
 Once classes begin and you
have received your refund from
GTC, if you withdraw from your
classes prior to the 60% point
in the term, you will owe a
repayment based on Federal
regulations.
Options: Save, Spend or Return
SAVE IT
Pros:
 Help pay for summer
term classes after you
have already used Pell
 Special fund for
emergencies (car repair,
replacement of computer,
etc)
Cons:
 Will have to repay your
loan
Options: Save, Spend or Return
SPEND IT
Pros:
 Smart spending—child care
costs, transportation,
buying/replacing a computer
Cons:
 Will have to repay your loans
 Blowing your refund on
temporary “needs”—new
wardrobe, rims, parties, etc
Options: Save, Spend or Return
RETURN IT
Pros:
 Won’t have to repay
loans because you’ve
returned the money to
the lender
 You won’t graduate
college in DEBT!!
Cons:
 NONE
“I don’t have to repay my loans…”
YOU are responsible (not your parents)
for repaying your student loans even if
you do not graduate, have trouble
finding a job, or just didn’t like your
school.
Consequences of Defaulting
 Can be sued by the federal government
 Wages can be garnished
 Federal/state income tax refunds can be
garnished
 Social Security benefit payments can be
withheld
 Will appear on your credit history, making it
difficult to get a car, credit cards or get a job
 May be prohibited from enlisting in the Armed
Forces
Things to Remember….
 You WILL have to repay
your loans. There are NO
EXCEPTIONS.
 Live with the future in
mind—don’t graduate
college drowning in debt
 Stay enrolled and get good
grades. Graduate with
your degree!
FAFSA 2013-2014
 FAFSA Fridays February 15th-April 19th (not April 5th)
 Will need to make an appointment with Financial Aid
 Need to complete your 2012 taxes before attending
 Start early and avoiding the waiting in the Fall.